Stocks Rise On Hopes Of Budget Deal

NEW YORK (December 3, 2012)--Stocks closed mostly higher Wednesday on Wall Street, as traders grew more hopeful that a budget deal would be reached in Washington after President Barack Obama said in a speech that he thought the talks could be resolved in about a week.

The Dow Jones industrial average closed up 83 points at 13,034 after rising by as much as 137 points.

The Standard and Poor's 500 index edged up two points to end the day at 1,409.

The Nasdaq composite fell 23 points to close at 2,974, held back by a drop in Apple.

Citigroup jumped 6 percent after the bank said it plans to eliminate more than 11,000 jobs to cut expenses.

Rising stocks narrowly outnumbered falling ones on the New York Stock Exchange where volume was higher than average at 4.1 billion shares.

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